MAKU
ActiveMAKU has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €117k and a net result of €9k. Equity is growing by ~21.5% per year across the filed fiscal years. Its solvency ranks better than 19% of 7692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
60
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70=
Solvency44▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7k at 30 days acceptable
Liquidity tight (current ratio 1.23 against 1.07 in 2024; short-term debt: 32.8% and cash: 5.7% of total assets), and 81.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.7%
Return on assets
1.4%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 7692 sector peers (2025).
NBB · sector comparisonPosition among 7692 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
28 d late
2023
29 d late
2022
34 d early
2021
45 d early
2020
36 d early
2019
7 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€117k▲ 7.9%
2024 · €109k
2018: €35k
2019: €34k
2020: €44k
2021: €50k
2022: €77k
2023: €100k
2024: €109k
2018 → 2025
Total assets
€629k▼ 6.9%
2024 · €676k
2018: €202k
2019: €293k
2020: €313k
2021: €294k
2022: €729k
2023: €771k
2024: €676k
2018 → 2025
Net result
€9k▼ 0.9%
2024 · €9k
2018: €14k
2019: €-497
2020: €11k
2021: €8k
2022: €29k
2023: €25k
2024: €9k
2018 → 2025
Working capital
€47k▲ 158%
2024 · €18k
2018: €-31k
2019: €-19k
2020: €-29k
2021: €14k
2022: €-169k
2023: €-68k
2024: €18k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€50k-€77k▲ 55.5%€100k▲ 29.6%€109k▲ 8.7%€117k▲ 7.9%
Operating result€14k-€32k▲ 126%€38k▲ 18.2%€32k▼ 16.3%€32k▼ 0.4%
Net result€8k-€29k▲ 279%€25k▼ 15.9%€9k▼ 64.7%€9k▼ 0.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 0% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €629k
Fixed assets
€375k▼ 8.6%
Current assets
€254k▼ 4.3%
Equity and liabilities €629k
Equity
€117k▲ 7.9%
Debt
€512k▼ 9.8%
The debt ratio falls from 83.9% to 81.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€213k▲
2024 · €186k
Cash flow
€189k▲
2024 · €163k
Solvency
18.7%▲
2024 · 16.1%
Current ratio
1.23▲
2024 · 1.07
Quick ratio
0.49▼
2024 · 0.57
Debt / equity
4.36▼
2024 · 5.21
ROE
7.3%▼
2024 · 8.0%
ROA
1.4%▲
2024 · 1.3%
Interest coverage
11.04▲
2024 · 10.14
Debt
€512k▼
2024 · €567k
Debt ≤ 1 year
€206k▼
2024 · €247k
Debt > 1 year
€292k▼
2024 · €306k
Income taxes
€4k▼
2024 · €5k
Staff costs
€253k▲
2024 · €182k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€676k€629k▼
Fixed assets21/28€410k€375k▼
Tangible fixed assets22/27€402k€367k▼
Land and buildings22€158k€129k▼
Plant, machinery and equipment23€169k€147k▼
Furniture and vehicles24€30k€14k▼
Leasing and similar rights25€45k€58k▲
Other tangible fixed assets26€385€18k▲
Financial fixed assets28€8k€8k=
Current assets29/58€265k€254k▼
Stocks and contracts in progress3€126k€152k▲
Stocks30/36€100k€82k▼
Contracts in progress37€26k€71k▲
Amounts receivable within one year40/41€48k€45k▼
Trade receivables40€29k€17k▼
Other amounts receivable41€19k€28k▲
Current investments50/53€10k€10k=
Cash at bank and in hand54/58€70k€36k▼
Deferred charges and accrued income490/1€11k€11k▲
Equity and liabilities
Total equity and liabilities10/49€676k€629k▼
Equity10/15€109k€117k▲
Contributions10/11€20k€20k=
Reserves13€55k€55k=
Distributable reserves133€55k€55k=
Profit (loss) carried forward14€34k€42k▲
Amounts payable17/49€567k€512k▼
Amounts payable after more than one year17€306k€292k▼
Financial debts170/4€89k€69k▼
Other amounts payable178/9€217k€224k▲
Amounts payable within one year42/48€247k€206k▼
Current portion of amounts payable after more than one year42€62k€65k▲
Financial debts43€0-
Credit institutions430/8€0-
Trade debts44€87k€49k▼
Suppliers440/4€87k€49k▼
Taxes, remuneration and social security45€32k€26k▼
Taxes450/3€5k€5k=
Remuneration and social security454/9€26k€21k▼
Other amounts payable47/48€66k€66k▼
Accrued charges and deferred income492/3€14k€13k▼
Income statement
Code20242025
Non-recurring operating income76A-€20k
Remuneration, social security and pensions62€182k€253k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€154k€181k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€2k€0▼
Other operating charges640/8€9k€8k▼
Gross operating margin9900€378k€474k▲
Operating profit (loss)9901€32k€32k▼
Financial income75/76B€157€204▲
Recurring financial income75€157€204▲
Financial charges65/66B€18k€19k▲
Recurring financial charges65€18k€19k▲
Profit (loss) for the period before taxes9903€14k€13k▼
Income taxes67/77€5k€4k▼
Profit (loss) for the period9904€9k€9k▼
Profit (loss) for the period to be appropriated9905€9k€9k▼
Appropriation of the result
Profit (loss) to be appropriated9906€42k€42k=
Profit (loss) brought forward from the previous period14P€34k€34k▲
Transfer to equity691/2€9k€0▼
To other reserves6921€9k€0▼
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance
Average headcount (FTE)90874.46.1▲
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Equity above €100kEq €100k ▲29.6%
4 profitable years in a row build equity to €100k.
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €29k ▲279%
Net result €29k, the highest in the series.
16-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
07-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 7 days late
2019
31-12
Financial
Weakest financial yearnet €-497 ▼104%
Net result drops to €-497, the lowest in the series; recovery starts the following year.
09-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Merelbeke-Melle · 1 establishment unit since 2011
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Brusselsesteenweg 493D9090 Merelbeke-MelleGround area
9,799 m²
Building footprint
2,802 m²
Volume, LiDAR
21,092 m³
Parcel 44040D0086/00B003, Flanders · tallest building 9.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Brusselsesteenweg 493D, 9090 Merelbeke-Melle
since 20112.202.325.513
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44040D0086/00B003 | Flanders | 9,799 m² | 1 · 2,802 m² | 9.9 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 2,077 EUR awarded · 2,077 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,000 EUR | 1,000 EUR |
| 2022 | 1 | 1,077 EUR | 1,077 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Premie kwalificerend werkplekleren
Recognitions · licences · registrations
Dual-learning approval
4 live approvalsBinnenschrijnwerk en interieur duaal (so)
Interieurbouwer duaal (so)
Logistiek duaal (so)
Operator CNC-gestuurde houtbewerkingsmachines duaal (so)
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ACRODIMI
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IWP PROJECTS
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YUSPROC
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Genk · Eq €117k
Of 7,292 companies in sector 43350 we hold annual accounts for 2,361. 1,953 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded05-09-2011
Fiscal year end31-12
Activities, NACEBEL
31004Manufacture of dining room, living room, bedroom and bathroom furniture
43350Other building finishing work
43320Joinery installation
Sources
Crossroads Bank for EnterprisesNational Bank · 11 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.